CII and European Bank for Reconstruction and Development (EBRD) signed MoU to deepen partnership

Apr 7, 2015 13:00 IST

Confederation of Indian Industry (CII) on 6 April 2015 signed a Memorandum of Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) to deepen partnership between Indian companies and the bank in those countries where the bank has operations.

It was signed by the CII Director General Chandrajit Banerjee and EBRD Vice-President Phil Bennett at a session on Inclusive Business: The Way Forward as part of the National Conference and Annual Session 2015 held by the CII in New Delhi.

Under the MoU, the EBRD countries of operations would benefit from the transfer of skills from world-class Indian companies. On the other hand, EBRD will be sharing its strong local knowledge with Indian companies that are either moving into the EBRD regions for the first time or which want to expand their operations in those countries.

The bank has already made 1 billion US dollar investment together with Indian companies and the MoU will help to utilize huge untapped potential in the Indian private sector.

About European Bank for Reconstruction and Development (EBRD)

The bank was established in 1991 to support transition to market economies of socialist economies in Eastern Europe and the former Union of Soviet Socialist Republics (USSR).It is owned by 64 countries, the European Union and the European Investment Bank.

Suma Chakrabarti, an Indian origin British civil servant, has been the President of the bank since 2012.

 

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Read more Current Affairs on: European Bank for Reconstruction and Development , EBRD , CII

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